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15 banks penalised by SBP for foreign exchange, know your customer violations

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The central bank slapped penalties worth Rs1.68bn on 15 commercial banks due to procedural violations. Photo: File

The State Bank of Pakistan (SBP) on Sunday penalised 15 banks for violating the protocols it has set for banks under the customer due diligence, foreign exchange and know your customers (CDD/KYC) policies.

The central bank slapped penalties worth Rs1.68bn on 15 commercial banks due to procedural violations in areas of Customer Due Diligence, Know Your Customer (KYC/CDD), foreign exchange operations and Asset Quality.

The central bank advised these banks to strengthen their KYC/CDD processes to avoid similar violations in future.

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The SBP, in its notification, said it fined MCB Bank Rs158.474 million, National Bank Rs269.810 million, Al Habib Bank Rs46.82 million, Habib Metropolitan Bank Rs22.85 million, Bank Alfalah Rs40.305 million, Askari Bank Rs29.814 million, Bank Islami Rs11.517 million, Punjab Provincial Cooperation Bank Rs81,500 million, Zarai Tarqiati Bank Rs147.250 million.

United Bank Limited Rs137.001 million, JS Bank Rs71.417 million, Meezan Bank Rs81.060 million, Faysal Bank Rs96.128 million, The Bank of Punjab Rs286.333 and Habib Bank Rs204.217 million were fined.


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